Nifty ends at 11,438, down 151 points amid rupee woes

The rupee touched a life-low of 72.6750 to the dollar, forcing the government to consider measures to soften the fall. It has declined nearly 15 per cent against the dollar this year.

Published: 10th September 2018 05:12 PM  |   Last Updated: 10th September 2018 07:44 PM   |  A+A-

sensex, stock exchange, bombay, BSE, Nifty,

File Image of BSE Sensex. (File | Reuters )

By PTI

MUMBAI: The NSE Nifty dropped sharply by 151 points, its biggest single-day loss in past six months, to close at 11,438 due to heavy losses in energy, financials and pharma stocks.

The fresh trade war spat between the US and China after Donald Trump threatened to impose additional tariffs on USD 267 billion worth of Chinese products dampened investors sentiments.

ALSO READ | Sensex down by 243 points as Donald Trump raises trade war stakes

The rupee touching a life-low of 72.67 per dollar, forcing the government to consider measures to soften the fall after the current account deficit widened to most in five years also hit the sentiment.

The rupee had declined nearly 15 per cent against the dollar this year.

"The persistent weakness in the Indian rupee is now starting to show its impact on all asset classes including the equities.

The 'sentiment risk' is now the major challenge for stock markets," Jagannadham Thunuguntla, Sr VP and Head of Research (Wealth), Centrum Broking Limited said.

Overseas, shares in Europe struggled to make gains while most Asian shares ended lower, as trade tensions between the US and China remained in focus.

The Nifty 50 index fell 151 points or 1.30 per cent to end at a three week low of 11,438.10.

As many as 42 constituents declined while eight advanced.

Losses in index major HDFC Bank, HDFC and Sun Pharma dragged the barometer to a three-week low level.

Bajaj Finance, Indiabulls Housing Finance, BajajFinsv, Mahindra&Mahindra, Vedanta Ltd, Hindalco and UltraCemCo were among the major losers Major index gainers were HclTech, Axis Bank, Zeel, Cipla, GAIL, TCS, Wipro and Infosys.

Among the sectoral indices, PSU bank fell by 2.16 per cent followed by Pharma 2.01 percent, Auto 1.75 per cent, FMCG 1.73 per cent, Metal 1.70 per cent, Energy 1.64 per cent, Realty 1.51 per cent, Finance Service 1.41 per cent, Infra 1.02 per cent Private Bank 0.97 per cent and Media 0.12 per cent.

The market breadth, indicating its overall health, turned negative.

On the NSE,600 stocks advanced,1,230 declined and 81 remained unchanged.

Total securities that hit their price bands were 214. Turnover in the cash segment fell to Rs 33,574.56 crore from Rs 36,966.93 crore as on Friday.

A total of 14,625.13 lakh shares changed hands in 1,18,26,618 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,53,09,846.28 crore.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.